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7. Interest is compounded semianually. Find the amount in the account after the given time.
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7. Interest is compounded semianually. Find the amount in the account after the given time.

7. Interest is compounded semianually. Find the amount in the account after the given-example-1
User Druckermanly
by
4.2k points

1 Answer

4 votes

Answer:

$1,229.26

Explanation:

Finding compound interest :

  • A = P (1 + r/n)^(nt)
  • A = (1,000)(1 + 0.07/2)²⁽³⁾
  • A = (1,000)(1.035)⁶
  • A = (1,000)(1.22925533)
  • A = $1,229.26
User Dan Mertz
by
4.8k points
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